All those still holding the bag on September 20 when Trump can start selling this make-believe stock are going to get crushed. And they deserve it.
Source: CNBC
The monthslong Trump Media stock slide continued Wednesday, as shares of the company majority-owned by former President Donald Trump fell below $20 for the first time since the Truth Social maker went public more than five months ago.
The stock price of DJT touched a low of $19.38 per share around midday, marking a drop of more than 75% from its intraday high on March 26, the day the company debuted on the Nasdaq stock exchange.
Trump Media ended Wednesday’s trading session down more than 4% at $20.10 per share.
Trump Media has also lost more than half its value since its recent surge on July 15, the first trading day after the Republican presidential nominee narrowly survived an assassination attempt at a campaign rally in Pennsylvania.
Ok, but so what? Why does this even matter? Well, on September 20 Donald Trump gets to cash out with his make-believe stock and take home some very real money. More than $2.2 billion as of last Wednesday’s stock price.
Trump owns nearly 59% of Trump Media’s stock. Even after losing much of its value, Trump’s stake at Wednesday’s stock price is still worth more than $2.2 billion — more than half of his on-paper net worth, according to Forbes.
Trump, and other company executives and insiders, are bound by lock-up agreements that have so far barred them from cashing in on their shares.
But the lock-ups are set to expire as soon as Sept. 20, at which point Trump may choose to start selling his shares.
Trump has given no indication that he plans to cash out once he is able to do so. But speculation has flared that he might, especially as Trump Media’s latest earnings reports show it losing millions of dollars and generating little revenue.
The grift is on. It’s always on with Trump.
